YAMAYA CORPORATION
9994・Standard Market・Retail Trade
Business
Yamaya Corporation, founded in 1970, is centered on a specialty retail chain for alcoholic beverages and food products. Its Liquor Retail Business (356 stores as of end-March 2026) comprises Yamaya Shoryu Co., Ltd., which handles wholesale, import, and manufacturing functions, and Yamato Kura Shuzo Co., Ltd. The company also operates a Restaurant Business (598 stores) through its izakaya chains, Chimney Co., Ltd. and Tsubohachi Co., Ltd. The company has a capital and business alliance with AEON Co., Ltd. and is listed on the Standard Market of the Tokyo Stock Exchange. Of the company's consolidated net sales of ¥159,119 million, the Liquor Retail Business accounts for approximately 82%, and the group as a whole has built a vertically integrated value chain in the alcoholic beverage-related market, spanning procurement, sales, and food and beverage service.
Business Model
In the liquor retail business, the company efficiently procures domestic and imported liquor and food products through the "World Liquor System," which handles import, manufacturing, wholesale, and retail in an integrated manner, generating revenue through in-store sales, mail order, and drive-through sales. In the restaurant business, the Chimney and Tsubohachi brands generate revenue through a dual structure of directly operated stores and franchise royalties. Within the group, Yamaya's distribution channel supplies wholesale goods to its restaurant subsidiaries, simultaneously achieving procurement cost advantages and internal transaction profits.
Company Strengths
Yamaya Shoryu Co., Ltd. bulk-purchases from manufacturers and wholesalers and supplies group companies in the liquor retail and restaurant businesses, forming a vertically integrated structure. The company operates its own import customs clearance operations (started in 1988), bonded warehouses, and multiple logistics centers in Tohoku, Kanto, and Hiroshima, achieving cost efficiency from procurement through store supply.
The company operates the liquor retail business (net sales of ¥129,718 million) and the restaurant business (¥29,400 million) in parallel, creating a business structure in which demand for at-home drinking and dining-out demand mutually complement each other's fluctuations. The procurement function of the liquor retail business is also leveraged for ingredient sourcing in the restaurant business, and intra-group synergies support the earnings base.
As of the end of March 2026, the equity ratio stood at 57.1% (improved from 52.7% in the previous period), and the company held cash and cash equivalents of ¥12,463 million. Total liabilities decreased by ¥4,204 million year on year to ¥25,407 million, and long-term borrowings also decreased by ¥1,460 million. This near debt-free financial structure enables the company to fund new store openings and renovation investments with its own capital.
ENVALITH's Perspective
Performance Trend
Revenue expanded from ¥143,420 million in FY2022 to ¥160,335 million in FY2024, but then turned flat to slightly declining, at ¥160,164 million in FY2025 and ¥159,119 million in FY2026. Operating profit peaked at ¥6,319 million in FY2024 before falling sharply for two consecutive periods, to ¥5,425 million in FY2025 and ¥3,572 million in FY2026. The decline in FY2026 profit was driven by a combination of factors: in the liquor retail business, the reversal of the prior year's speculative demand and a decrease in high-value inbound sales of Western liquor, and in the restaurant business, rising raw material costs, labor costs, and utility costs (as external factors). Profit attributable to owners of the parent also fell sharply to ¥2,077 million (down 43.0% year on year). On the other hand, the equity ratio improved to 57.1%, and operating cash flow improved to ¥4,328 million (up 54.2% year on year), reflecting the effect of inventory reduction.
Growth Strategy
Aiming for increased sales and profit in FY2027 through expanded store openings and renovations in liquor retail and improved profit structure in the restaurant business
In FY2026 (ending March 2026), 6 new stores were opened (reaching a 356-store network). The company is expanding stores co-located with Daiso, promoting inbound-oriented renovations, and updating energy-saving equipment and LED lighting. For FY2027 (ending March 2027), sales of ¥133,200 million (up 2.4% year on year) are planned.
The company will optimize its product lineup and services to match categories subject to tax increases and decreases respectively, while pursuing total cost reduction. It views the market changes as a business opportunity and is working to strengthen competitiveness and improve management efficiency.
The company continues to improve productivity through menu mix reviews, various cost reductions, and enhanced employee training. It is also promoting new-style stores such as Tsubohachi's izakaya-yakiniku hybrid format and all-private-room outlets. For FY2027 (ending March 2027), restaurant business sales of ¥30,000 million (up 2.0% year on year) are planned.
The company is promoting renovations and enhanced product lineups aimed at inbound customers in both the liquor retail and restaurant businesses. In FY2026 (ending March 2026), sales of high-priced imported liquor to inbound customers declined, but the company plans to continue renovations aimed at expanding demand capture going forward.
Last updated: July 19, 2026